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Machine Learning for Insurance Pricing | SimpleSolve: Advanced Solutions

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SimpleSolve harnesses the power of machine learning for insurance pricing , revolutionizing the way rates are determined. Our sophisticated machine learning algorithms analyze vast amounts of data to generate accurate and personalized insurance pricing models. By leveraging this advanced technology, we ensure that your insurance rates are tailored to your specific needs, considering factors such as age, location, driving history, and more. With SimpleSolve, experience the benefits of machine learning for precise and fair insurance pricing. Machine Learning in Insurance For insurance companies to manage their data and analytics, they must implement emerging technologies like ML. It enables insurance businesses to improve operational efficiency while reducing the existing risk of insurance fraud. Here are some major innovations machine learning is bringing to the insurance sector. If you want to know more about machine learning in Insurance, visit our website. We have written in-depth on
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Hard Truth of Tech Modernization Without Business Model Innovation | SimpleSolve

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New technology is not a magic carpet for an organization to fly into the future.  Amazon launched in 1995 as the Earth’s biggest bookstore  but fast-forward today and it is a cloud computing leader and of course an e-commerce giant. The Amazon business model is built on asking itself  what next ?  That is why a  successful strategy is one where business model innovation has led the way for new technology transition. What’s business model innovation? For an organization to profit from innovation it has to be a company-wide undertaking. Insurers are facing the need to focus on personalizing the customer experience and they are turning to technology to meet this goal. And often this starts with a call for  PAS modernization  from stakeholders. However, technology on its own is like Mercury's  600  hp  V-12 Verado, the  world's largest  outboard engine confined to a boat on a small lake. It’s not going anywhere. In other words, a  sound business model should be wrapped around techn
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Is The Technology You Use Improving Your Credit Rating?

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   Innovation is almost always considered in a positive light. What could be more revolutionary than anytime money? The advent of cash dispensers, now known as ATMs, made it possible for people to access cash even out of banking hours, and at the time, the convenience of it was astounding. Banks themselves reaped dividends through a lowering of costs. As communication networks improved coupled with faster payment processes, the insurance industry too hopped on to the innovation boom. One that made a big impression was the drastic reduction of processing time for insurance claims, as it moved online.  Innovation is coming at us fast, in every aspect of our lives. The U.S. Credit Rating Agencies and Insurer innovation Crediting rating agencies sat up and took a long, hard look at the impact of innovation on the long-term financial success of insurance companies. AM Best, the world’s first and also the largest credit rating agency, had indirectly included innovation through the various bu
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7 Signs of a Legacy System - Sign 6 Might Surprise You

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  The term ‘legacy systems’ often conjures up images of bulky on-premise systems and devices that haven’t been in circulation since the early 2000s. That might not be what your current platform resembles - but does that mean your software is truly up-to-date?  A legacy system needs to be defined by the capabilities it provides your organization, not necessarily by how long you’ve had it for.  For example, rather than asking yourself, “When was my current system implemented?” you might want to ask yourself, “Does my current system empower my team to collaborate efficiently in a secure environment?” Answering these questions will alert you to whether you need to kickstart the process of legacy modernization. For a functional definition, legacy can refer to any piece of software or even an entire system that blocks or reduces an organization’s ability to grow, shift and adapt in the face of changing market dynamics. So, is it time to make the switch to a new updated system? Here are seven
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Cybersecurity Threats for Insurance Companies – Are You at Risk?

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NA Financial is probably a name you’ve heard recently. It’s the sixth-largest commercial insurance company in the USA and is also an established cyber insurance provider. It made the news on the 21st of March, 2021 when an official statement claimed that they had been a victim of a “sophisticated cybersecurity attack”. Ransomware called  Phoenix CryptoLocker  affected fifteen thousand devices, disrupted their network, and impacted corporate mail and other systems. The amount of classified information that the attackers got their hands on is still unknown, but such a data breach in insurance can often start small and go undetected for long.   Why are cybercriminals targeting insurers? Insurance companies have often found themselves in the crosshairs of cyberattacks, especially after banks implemented highly secure networks that make them harder to breach. As with any industry, reaping the benefits of big data, AI, and the internet of things (IoT), comes the risk of cyberattacks.  Insura
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Why Implementations Often Cost Millions and Take 18 Months or More?

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  Picture this. You finally decide on an insurance software and are excited to transform your company’s processes with it. You’ve got your budget approved and set a clear project timeline. The twin benefits of digitization and automation are right around the corner! But, before you realize it, scope creep has set all those careful plans to naught. Now your ‘go-live’ date is months beyond the original project management timeline.  While this may sound like a worst case scenario, the harsh reality is that insurance implementation can often take upwards of 18 months and cost more money than anticipated. However, this does not have to be the case. Quick implementation of insurance software boils down to one thing: efficient planning.  Why Project Timelines aren’t met  This scenario is more common than you would expect Also Read:  The Importance of System Architecture to Shorten Customization Time   Reasons for project failure costing you millions Not defining your requirements, leading to
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